On 30th April 2008, the Treasury Committee of the House of Commons announced (press notice no. 42) that it is to undertake an inquiry into OFCs as part of its ongoing review of  financial stability and transparency. The Treasury Committee has invited written responses and evidence for the inquiry, in particular, it has invited responses and/or evidence that relates to the following questions:

·         To what extent, and why, are OFCs important to worldwide financial markets?

·         To what extent does the use of OFCs threaten financial stability?

·         How transparent are OFCs and the transactions that pass through them to the UK’s tax authorities and financial regulators?

·         To what extent does the growth in complex financial instruments rely on OFCs?

·         How important have the levels of transparency and taxation in OFCs been in explaining their current position in worldwide financial markets?

·         How do the taxation policies of OFCs impact on UK tax revenue and policy?

·         Are British overseas territories and crown dependencies well-regarded as OFCs, both in comparison to their peers and international standards?

·         To what extent have OFCs ensured that they cannot be used in terrorist financing?

·         What are the implications for the policies of HM Treasury arising from OFCs?

·         What has been and is the extent and effect of double taxation treaty abuse within OFCs?

·         To what extent do OFCs investigate businesses and individuals that appear to be evading UK taxation?

All responses must be submitted by Thursday June 19, 2008.

Further details on how to respond can be found here.